The average UK house price has increased by 1.3% over the year up to September 2019, which was also unchanged from August 2019, new ONS figures revealed.
The ONS UK House Price Index showed that average house prices increased over the year in England to £251,000, a rise of 1.0%, in Wales to £164,000, a 2.6% rise, in Scotland to £155,000, a 2.4% rise, and in Northern Ireland to £140,000, which saw the highest increase of 4.0%.
The figures revealed the lowest annual growth was in London, where prices have fallen by 0.4% over the year to September 2019.
Zoopla research and insight director, Richard Donnell, commented on the latest ONS figures: “The latest index reveals the continued polarisation between housing market conditions across the north and south of England.
“The scale of price falls is slowing in London as the repricing process runs its course and supply tightens, with fewer homes coming to the market for sale and sales volumes rising slowly.
“House price growth remains strongest in northern regions, but the rate of growth reported by the ONS index is only half the growth in average earnings.
“Sellers are also accepting offers on properties increasingly below asking price and the gap between the two now stands at 3.8% compared to 1.7% just three years ago. In contrast, rising employment levels and attractive affordability are sustaining demand in cities across the Midlands and North of England, resulting in above average house price growth. This is reflected in today’s new data.”
The ONS also revealed the average house price across the whole of the UK was £234,000 in September 2019 – £3,000 higher than September 2018.
After London, the East of England was where annual growth up to September 2019 was lowest, with prices falling by 0.2% over the year.
Bluestone Mortgages managing director, Steve Seal, added: “As expected, house price growth has remained stagnant as uncertainty reigns over the UK’s economic and political situation.
“For some borrowers, subdued price increases will be welcome news, but for others, accessing affordable lending continues to be a struggle.
“The good news is that innovation in this sector is rife. Advisers and specialist lenders are working hard to provide customers with the tailored lending solutions they need.”
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